HAP invest: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HAP invest
Largest movements
- Receivables within one year -€81,959
down €81,959 (-22.5%), from €363,653 to €281,694
- Other debts +€889,923
up €889,923 (+76.4%), from €1.2m to €2.1m
- Debts after one year -€346,168
down €346,168 (-19.2%), from €1.8m to €1.5m
- Reserves -€325,224
down €325,224 (-22.0%), from €1.5m to €1.2m
of which Distributable reserves: -€325,224
- Trade debts -€159,662
down €159,662 (-73.3%), from €217,709 to €58,047
- Current portion of long-term debt -€62,794
down €62,794 (-14.2%), from €443,111 to €380,316
- Gross operating margin +€96,454
up €96,454 (+23.5%), from €410,392 to €506,847
- Depreciation +€38,790
up €38,790 (+19.2%), from €202,163 to €240,953
- Taxes -€35,247
down €35,247 (-37.6%), from €93,723 to €58,476
- Financial charges -€17,627
down €17,627 (-20.0%), from €87,919 to €70,292
of which Financial charges: -€15,767
- Other operating charges -€11,860
down €11,860 (-46.4%), from €25,544 to €13,685
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,169,690 | €5,165,349 | -€4,340 | -0.1% |
| Fixed assets | 21/28 | €4,694,037 | €4,724,160 | +€30,123 | +0.6% |
| Tangible fixed assets | 22/27 | €4,694,037 | €4,724,160 | +€30,123 | +0.6% |
| Land and buildings | 22 | €4,406,244 | €4,598,115 | +€191,872 | +4.4% |
| Plant, machinery and equipment | 23 | €41,944 | €30,147 | -€11,797 | -28.1% |
| Furniture and vehicles | 24 | €245,849 | €95,897 | -€149,952 | -61.0% |
| Current assets | 29/58 | €475,653 | €441,190 | -€34,463 | -7.2% |
| Amounts receivable after more than one year | 29 | €112,000 | €112,000 | = | 0.0% |
| Other amounts receivable | 291 | €112,000 | €112,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €363,653 | €281,694 | -€81,959 | -22.5% |
| Other amounts receivable | 41 | €363,653 | €281,694 | -€81,959 | -22.5% |
| Cash at bank and in hand | 54/58 | - | €44,867 | +€44,867 | |
| Deferred charges and accrued income | 490/1 | - | €2,629 | +€2,629 | |
| Total equity and liabilities | 10/49 | €5,169,690 | €5,165,349 | -€4,340 | -0.1% |
| Equity | 10/15 | €1,495,264 | €1,170,040 | -€325,224 | -21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,475,507 | €1,150,283 | -€325,224 | -22.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,473,647 | €1,148,423 | -€325,224 | -22.1% |
| Profit (loss) carried forward | 14 | €1,156 | €1,156 | = | 0.0% |
| Amounts payable | 17/49 | €3,674,426 | €3,995,310 | +€320,884 | +8.7% |
| Amounts payable after more than one year | 17 | €1,804,323 | €1,458,155 | -€346,168 | -19.2% |
| Financial debts | 170/4 | €1,804,323 | €1,458,155 | -€346,168 | -19.2% |
| Amounts payable within one year | 42/48 | €1,832,027 | €2,531,188 | +€699,160 | +38.2% |
| Current portion of amounts payable after more than one year | 42 | €443,111 | €380,316 | -€62,794 | -14.2% |
| Financial debts | 43 | €6,682 | - | -€6,682 | |
| Credit institutions | 430/8 | €6,682 | - | -€6,682 | |
| Trade debts | 44 | €217,709 | €58,047 | -€159,662 | -73.3% |
| Suppliers | 440/4 | €217,709 | €58,047 | -€159,662 | -73.3% |
| Taxes, remuneration and social security | 45 | - | €38,376 | +€38,376 | |
| Taxes | 450/3 | - | €38,376 | +€38,376 | |
| Other amounts payable | 47/48 | €1,164,525 | €2,054,448 | +€889,923 | +76.4% |
| Accrued charges and deferred income | 492/3 | €38,075 | €5,967 | -€32,108 | -84.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,163 | €240,953 | +€38,790 | +19.2% |
| Other operating charges | 640/8 | €25,544 | €13,685 | -€11,860 | -46.4% |
| Gross operating margin | 9900 | €410,392 | €506,847 | +€96,454 | +23.5% |
| Operating profit (loss) | 9901 | €182,685 | €252,209 | +€69,524 | +38.1% |
| Financial income | 75/76B | €113 | - | -€113 | |
| Recurring financial income | 75 | €113 | - | -€113 | |
| Financial charges | 65/66B | €87,919 | €70,292 | -€17,627 | -20.0% |
| Recurring financial charges | 65 | €86,058 | €70,292 | -€15,767 | -18.3% |
| Non-recurring financial charges | 66B | €1,860 | - | -€1,860 | |
| Profit (loss) for the period before taxes | 9903 | €94,879 | €181,917 | +€87,038 | +91.7% |
| Income taxes | 67/77 | €93,723 | €58,476 | -€35,247 | -37.6% |
| Profit (loss) for the period | 9904 | €1,156 | €123,441 | +€122,285 | +10,576% |
| Profit (loss) for the period to be appropriated | 9905 | €1,156 | €123,441 | +€122,285 | +10,576% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.